You recently graduated from a New York college, and the last thing on your mind is estate planning. Should you at least set the foundation for your estate?
U.S. News & World Report explains why recent college graduates should consider starting to secure their legacies. The sooner you create your estate plan, the better.
Review beneficiaries
If you work for a company that offers life insurance and a retirement plan, you must list a beneficiary to receive your death benefit or inherit your assets. Even if you have little in the way of assets right now, you may have an idea of a person you want to inherit your possessions. Further, you may know of relatives whom you do not want to receive your assets. If you do not have a will when you die, state law decides your beneficiaries and heirs.
Do you have a lot of student loan or credit card debt? If so, take steps to prevent creditors from using your estate to cover unpaid debts.
Name a proxy
Do you have someone in your life whom you feel comfortable giving decision-making power regarding your finances and health if you become incapacitated? You do not know what awaits you on the road of life, making it essential to draft a health care proxy and durable power of attorney. Even if you do not fall into a coma or become otherwise incapacitated, creating a durable power of attorney also makes it easier to handle financial issues in the United States if you ever travel abroad for a job or school.
Completing college makes for an ideal time to start estate planning. Give yourself one less thing to worry about as you step further into adulthood.
